Compliance
Dubai Regulator Suspends Advisor For Six Years
A financial advisor from Dubai has been suspended for six
years by the emirate's financial regulator over unethical
conduct.
The Dubai Financial Services Authority has restricted the
activities of Jaime Corona for unethical behaviour, when he was
advising
clients about the value of their investment portfolios. As such,
Corona is
banned from performing any financial services functions in Dubai
for a period
of six years.
The DFSA said Corona engaged in misleading and deceptive
conduct, in relation to investments, by providing two Dubai-based
clients
falsified portfolio account statements, which indicated that the
value of their
portfolios were significantly greater than their actual value.
"Corona is not a person who is fit and proper to
provide financial services in the DIFC," the DFSA said in a
statement,
while adding that the conduct of Corona came to the attention of
the regulator
after he left the United Arab Emirates.
“People who act unethically cannot avoid the DFSA’s scrutiny
by leaving the jurisdiction or failing to communicate with the
regulator. The
DFSA may impose sanctions on those who contravene its laws
regardless of their
location,” added Ian Johnston, chief executive of the DFSA.
During the course of the investigation, Corona failed to
respond to DFSA communications.
The ruling against him is the latest in a series issued by
the Dubai financial watchdog. Earlier this month, United Investment Bank was fined $50,000 for
providing funds with bad service by flouting the regulator's safe
custody requirements. As part of the fine, UIB cannot provide
custody to funds again until it has fulfilled all the points in a
stringent agreement that it has signed with the DFSA.